Bankruptcy numbers increase - more people with bad credit
Wed Apr 2, 2008 07:04PM | By Tony
See more in Personal Finance | Permalink | Email | Comments (0)

Bankruptcy filings continued to increase in the second quarter of 2007, rising 7% to 210,449 from 193,641 in the first. Business bankruptcies rose by 6% to 6,705 from 6,280 in the first quarter and Chapter 11 filings increased by 10% to 1,574 from 1,406 in the same time frame. Business bankruptcies increase is quite worrisome trend as this may forecast future troubles with commercial real estate. An average of 3,960 bankruptcy petitions were filed per day nationwide in February, up 18 percent from January and up 28 percent from a year earlier, according to Automated Access to Court Electronic Records, a bankruptcy data and management company. February was the busiest month for filings since Congress overhauled the bankruptcy law in 2005. This is very alarming because those changes made filing for bankruptcy more complicated and expensive. Moreover it became quite difficult even to qualify for bankruptcy filing. Some experts predict the number of bankruptcies nationwide to reach anywhere from 1.2 million to 1.4 million this year, up from 826,732 in 2007. See more at National Association of Credit Management.
Helpful Links
Recent Entries
- Student loan dispute - disputing the ownership of a loan...
- False certification discharge for student loans...
- Rental dispute letter...
- Remove bankruptcy from credit report - is that possible to remove a bankruptcy...
- Bad Credit made Carnival of Personal Finance for Labor Day...
- Credit scores and what they mean...
- Bankruptcy attorneys and advice are in demand as bankruptcy filings are rising...
- IRS lien release - can you remove IRS lien from credit report?...
- American Eagle Gold coins shortage - what's causing it?...
- Credit Monitoring Comparison for 2008 - 3 in 1 report monitoring services...
Recommended
Archives
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
- August 2006
- July 2006
- June 2006
- May 2006
- April 2006
- March 2006
- February 2006
- January 2006
Syndicate